Government gross debt of eurozone largely in euro

Across the EU, the structure of general government gross debt differs significantly between countries. These differences relate for example to the initial and remaining maturity of debt, the debt instruments used and the main institutional sectors holding the debt. However, when considering the currency denomination of general government gross debt, a more uniform picture emerges.

At the end of 2025, for all euroozone (EA20) members, all or almost all (more than 99.5%) of their general government gross debt at face value was denominated in euro. 

Similarly, in Czechia and Sweden, over 90% of general government gross debt was denominated in their national currencies.  

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Source dataset: gov_10dd_dcur

Only for 2 EU countries, more than 50% of their general government gross debt was denominated in foreign currencies at the end of 2025: Bulgaria (75%, with 71% of debt denominated in euro) and Romania (53%). Significant shares of foreign currency debt were also noted for Hungary (32%), Poland (26%) and Denmark (24%).

The majority of all non-euro area EU countries’ foreign currency debt at the end of 2025 was denominated in euro. For all EU countries, over 90% of general government gross debt was denominated either in euro, or in their national currency for non-euro area EU countries.

This information comes from data on general government debt in the EU published by Eurostat today. The article presents a few findings from the more detailed Statistics Explained article, which also covers data by debt instrument, sector of debt holder, initial and remaining maturity of debt, transactions in debt instruments, as well as government guarantees.

Apparent cost of debt slightly increased or remained stable in most EU countries between 2024 and 2025

In most EU countries for which data were available, the apparent cost of the government debt slightly increased or remained stable between 2024 and 2025. 

The highest apparent cost of general government gross debt among countries for which data were available was reported by Romania (5.2%), followed by Poland (4.5%), Czechia (3.1%) and Italy (3.0%). The lowest apparent cost of debt was noted for Ireland (1.4%), followed by Luxembourg (1.5%), the Netherlands (1.7%), Germany (1.8%) as well as France, Finland and Sweden (all +1.9%).

By contrast, the apparent cost of debt decreased in 2025 in 7 EU countries. The highest decreases were noted in Estonia (-0.8 pp), Sweden (-0.3 pp) and Croatia (-0.2 pp).

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Source dataset: gov_10dd_acd

For more information

• Statistics Explained article on structure of government debt 
• Thematic section on government finance statistics 
• Database on government finance statistics 
• Metadata on structure of government debt

Methodological notes

• Denominated in national currency: issued in national currency as well as issued in foreign currency and hedged (using financial derivatives) to national currency.
• Until the end of 2025, Bulgaria had a currency board arrangement vis à vis the euro. From 1 January 2026, Bulgaria acceded to the euro area (EA21). The aggregate data commented on in this article refer to the official composition of the euro area at the end of the most recent year for which data are available. Thus, releases with data up to the end of 2025 comment on EA20 series and present for Bulgaria the euro as a foreign currency.
• Apparent cost of government debt is defined as the interest rate applicable to the total Maastricht debt (AF.2, AF.3, and AF.4). It should be calculated as the amount of interest expenditure during the year (accrual basis), divided by the average outstanding amount of debt for that same year. 

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